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Question

Elasticity is measured as 
  1. (∆P/P)(∆Q/Q)
  2. (∆Q/Q)(∆P/P)
  3. (P/Q)(∆P/∆Q)
  4. ∆P∆Q


Solution

The correct option is B (∆Q/Q)(∆P/P)
Elasticity is measured as the ratio of percentage change in quantity demanded to percentage change in price. 

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